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MultinationalsThe European Union Features of a Single Market. Benefits of a single Market for Businesses. Benefit of Single Market for Consumers. Benefits of a single currency.Disadvantages of a single currency.Economies of Scale. Internal Economies of Scale. External Economies of Scale.Business Growth. How do we measure Growth? How to Businesses Grow? Internal Growth External Growth Why do some businesses Remain SmallLocation ­ National and International.…read more

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Marketing-Firms must product the right product at the right price, make it available inthe right places, and let the customers know about it through the rightpromotion.Price- Deciding on a price of a product or a service. What are people willing to pay.Pricing strategies include:-Competitive Pricing­ Means setting the price of products in relation to the competition leader. Thenew product must be set slightly lower than the market leader or the productwill be likely to fail.…read more

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Product Range ­ Different variations of the same product. There different variations on the same product will attract different customers e.g. Cadburys chocolate with or without nuts.Product Mix ­ Variety of different products. This increases the variety in a shop which encourages customer loyalty and also increases the spend of each customer.Branding ­ Identifies a sellers product and differentiates them from other companies. Represents image of person and values, which no other brand image has. Advantages ­ Greater customer loyalty.…read more

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The wholesaler has a role in breaking bulk. He buys in high quantities from theManufacturer and sells small quantities to the retailer. The Wholesaler gets theitems cheap from the manufacturer since he buys many products. He thenwould make a profit on selling products onto the retailer.…read more

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Good customer relationships ­ knowing the customer and knowing what he wants will help business. Appeal to a niche market ­ This type of product is only for a limited number of people Increase sales through mail order or online marketing ­ the only other way to keep profits high to stay open.Promotion­ trying to bring product to customer's attention.Types of Promotion- Above the line promotion and Below the line promotion.…read more

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Land ­ includes natural resources (coal, fish) and the land itself.Labor ­ Includes the skills of those who work.Capital ­ Money invested in the business.Enterprise ­ Ability to combine all other factors to make a profitable business.Types of Economy.-There are three types-Markey Economy­ Individuals own Businesses and Governments roles are quite restricted.Mixed Economy­ Government has input into the economy and individuals owning businessespay tax to the government.…read more

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Opportunity CostAll businesses have limited amounts of money ­ If a company spends moremoney on advertising it will have to spend less on product design.Types of GoodsDurable Consumer Goods These are goods that are used over and over such as mobile phones.Single Use Consumer Goods These are goods that we use only once such as toothpicks.…read more

Comments

This is a comprehensive set of revision notes. Students will need to check it against the specification of their particular exam board to check it meets their exact requirements. They will also need to work out how they can best interact with it to maximise their learning from it. Just reading is unlikely to be totally effective.